Final answer:
A partnership is a form of business association where the entire enterprise is owned by multiple individuals who share profits and losses.
Step-by-step explanation:
The term for a form of business association where the entire enterprise is owned by multiple individuals who share profits and losses is called a partnership.
In a partnership, two or more people work together to own and run a business. They share the responsibility of running the business and also share the profits and losses.
There are two types of partnerships: general partnerships and limited partnerships. In a general partnership, all partners are involved in the day-to-day operations of the business. In a limited partnership, one or more partners may not be actively involved in the business but contribute financially and share in the profits.